TheMReport

February 2014

TheMReport — News and strategies for the evolving mortgage marketplace.

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18 | Th e M Rep o RT cover story wants to refinance a property so that it can be rented; (4) some- one wants financing for a lease/ purchase property; and (5) an investor wants to build a spec house and then sell it. "There are many times when bridge financing is needed, such as when several real estate trans- actions are dependent on each other and perhaps one is not going to close on time," Pollock added. "In this situation, there is a need for interim financing." WDB Funding provides funding to mortgage brokers, small retail mortgage companies, real estate developers, and real estate investors, among others. The company also responds to referrals from regional banks and credit unions that do not offer that type of financing. Pollock believes that because his company is specialized, it can compete on products, processes, sales, and service in addition to providing clients with more spe- cific and face-to-face counseling. "We work to simplify the process and make it understandable for our clients," he added. His formula for success is based on offering best values, personal attention to clients, and persis- tence. "No matter how big or small a company is, you have to treat it as a startup," Pollock said. "Each day we start over, and we never take a client for granted." Success Still Depends on Basic Principles lthough the new lending rules require many adjustments, some lenders are well prepared to accommodate the changes and plan to continue following their long-established formulas for success. One example is Troy, Michigan-based United Shore Financial Services (USFS), which is located in the Detroit metropolitan area. "We are ready for the new rules and are embracing them," Mat Ishbia, USFS president and CEO, explained. "USFS has made all the proper changes to be in compliance and to assist partners and clients in navigating the changes." However, while embracing the new regulations, Ishbia does not see any disruption in his compa- ny's trail of success using its basic guidelines. These include provid- ing clients with superior service, a variety of innovative products, and exceptional value with an empha- sis on empowering USFS employ- ees as well as customers. "It's the little things we do that make a difference and that set USFS apart from other lenders," he said. Established in 1986, USFS is one of the largest and fastest growing independent mortgage lenders in the country, offering three brands that cover the entire spectrum of residential mortgage lending. These include United Wholesale Mortgage (UMW), a leader in the wholesale mortgage field; Shore Mortgage, a direct-to-consumer online mortgage company; and Capital Mortgage Funding, one of the largest retail mortgage lenders in Michigan. Together, these three companies employ more than 1,200 team members. Through these three brands, USFS offers some innovative loan programs and strong sup- port to the lenders and indi- vidual clients it serves. UMW clients include independent brokers, banks, and credit unions in all 50 states. UMW helps to ensure their success by support- ing them with rapid communica- tion, underwriting consistency, and superior client service. These principles supported the compa- ny in closing almost $2.3 billion of wholesale loans in the third quarter of 2013. Other USFS services to bro- kers include a free service that funnels mortgage leads back to them; Income Calculator, a tool that helps brokers accurately determine borrowers' wages; and Flex Term, a "pick-your-term" amortization product. Innovative programs for indi- viduals through Shore Mortgage include Work Perks, a new pro- gram that provides discounted closings exclusively to employees of enrolled businesses such as hospitals and large corporations. Another program is Shore Before, which gives final approval for a loan amount before an offer is ac- tually made on a property. Shore Mortgage also offers closings in as few as 14 days. In addition to the many USFS offerings and support programs, Ishbia says the real secret of the company's success is USFS employees. "We take care of our employees so that they will take care of our clients," he said. "Mortgages are a commodity, but in general, it all comes down to how you treat people. Our employees are the best at making the process of obtaining a home mortgage an easy process." To accomplish this, Ishbia says that USFS employees must go through a lot of training before they are allowed to talk to clients. "Creating a mortgage is a big transaction, and we want to have intelligent people on the phone who know our products well and can explain all the details associ- ated with them," he said. In addition to superior train- ing, USFS employees work in an unusual and inspiring environ- ment. Last year, the company's 1,200 employees moved into a new headquarters with more than 140,000 square feet. It features many amenities includ- ing a cafeteria for breakfast and lunch, a fitness center, dry clean- ing pick-up/drop-off services, a Starbucks coffee shop, and a 24- hour self-serve convenience store. There are various lounge areas, decorated in bright colors, where employees can enjoy free coffee, tea, and sodas while watching LCD flat screens, or practicing their athletic skills on the putting green or bas- ketball hoops. Walkways through- out the no-interior-wall building feature artificial grass, sidewalks with manhole covers, and street signs that identify departments. Each of the 23 conference rooms is named for a city in Michigan. Probably the most valued perk for employees, particularly in Michigan's cold weather, is the front-door valet parking offered to team members only. Executives have to park their own cars out in the snow and walk in. Another innovation at USFS is that employees are urged to have a work/life balance. "Your job and your career are not your life," Ishbia explained. "Not ev- eryone wants to work 80 hours a week. Give me 40 hours of concentrated effort and then go home and be with your family." Combining all of these prin- ciples adds up to an ongoing formula for lending success. On March 25th, 2014, In WASHINGTON, D.C. THE EPICENTER OF PROGRESS Conversations have never been this honest. Policy has never been this infl uenced. Progress has never been so evident. 5th Annual FIVE STAR GOVERNMENT FORUM FIVESTARGOVERNMENTFORUM.COM I 214.525.6700 MEG BURNS Senior Associate Director Offi ce of Housing and Regulatory Policy, FHFA PETE CARROLL Assistant Director, Mortgage Markets Consumer Financial Protection Bureau KRISTA COOLEY Partner, K&L Gates AMY CREWS CUTTS SVP, Chief Economist Equifax ALAN JAFFA Chief Executive Offi cer Safeguard Properties DANIELLE JOHNSON- KUTCH Director of Policy U.S. Department of the Treasury RICHARD KOCH SVP, Operational Risk Assessments Morningstar Credit Ratings JACK KONYK Executive Director, Government Affairs Weiner Brodsky Kider EDWARD KRAMER EVP, Regulatory Affairs Wolters Kluwer Financial Services JEFF MARKOWITZ VP, Government and Industry Relations Freddie Mac BRIAN MONTGOMERY Chairman The Collingwood Group JOE MORAN EVP, Chief Compliance Offi cer SunTrust Mortgage, Inc. FRANK NOTHAFT VP, Chief Economist Freddie Mac MARK PALIM VP, Applied Economic and Housing Research Fannie Mae ANN THOMPSON Senior Analyst Consumer Financial Protection Bureau PANELISTS PARTNER SPONSORS PANELISTS PARTNER SPONSORS π Join these industry- shaping, policy-making leaders and more at the most infl uential event in servicing, the 2014 Five Star Government Forum. Seating is extremely limited, so reserve your seat today! EDWARD J. DEMARCO Senior Deputy Director, FHFA THEODORE W. TOZER President, Ginnie Mae RANDY NEUGEBAUER U.S. Congressman, House of Representatives LEADERSHIP SPONSORS LEADERSHIP SPONSORS KEYNOTES KEYNOTES FSGF2013_Ad-5.indd 1 1/21/14 5:12 PM A "No matter how big or small a company is, you have to treat it as a startup." —Andy Pollock, WDB Funding

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